Delaware will have say in billion dollar Florida trust case

A Florida court will allow the state of Delaware to intervene in a case involving the Alfred I. duPont Testamentary Trust, which funds the Nemours Foundation and A.I. duPont Hospital for Children.

Last month, Delaware Attorney General Beau Biden petitioned Duval County Circuit Court to allow Delaware to have a say in changes being made to the duPont trust.  The trust is the legacy of Alfred I. duPont and was established to care for sick children and older folks, with “first consideration, in each instance, given to beneficiaries who are residents of Delaware.”  

The trustees are going through the process of splitting the trust into two entities in an effort to get favorable tax treatment.  Biden says he’s not trying to stop the split, but just wants to make sure that the trust maintains its primary focus on helping Delawareans.  

“I am pleased that the court has agreed to make my office a party in this case,” said Biden.  “We will act as a strong advocate for the interests of Delawareans and work to ensure that the clear intention of Alfred I. duPont – that first consideration be given to the children and elderly of Delaware – continues to be carried out.”

The duPont Trust was given $40 million when its namesake died, and since then has ballooned to $4.6 billion as of 2009.  The trust funds the Nemours Foundation which operates A.I. duPont Hospital for Children in Wilmington, the Nemours Children’s Hospital in Jacksonville, FL, the Nemours Children’s Clinics in Delaware, Florida, Pennsylvania and New Jersey, and the Nemours Mansion and Gardens.

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